Metropolitan Economic Development Association

MEDA hosts the regional MBDA center. The center runs on a federal fiscal year of July 1st June 30th. In 2024, MEDA completed its work for the year ending on June 30th, 2024. The Minnesota MBDA Center reported $157,833,643.95 in Gross Revenues Generated. The annual performance goal was $50,000,000, so MEDA exceeded its goal by 315.67%.(Continued on Schedule O)Q3 and Q4 of 2024 coincided with the first two quarters of the MBDA contract. In that time, MEDA's Minnesota MBDA Center exceeded the majority of its performance goals by providing one-on-one strategic consulting alongside access to capital and procurement opportunities needed for disadvantaged business owners to grow and prosper in both the private- and public-sector marketplace. MEDA provided 69 entrepreneurs with $13.4M in financing, with 674 jobs created or retained through the work.

Ascend Management Education Programming: The purpose of MEDA's Ascend program is to improve the capabilities of suppliers, provide connections, and to assist suppliers with obtaining the capital needed to support meeting the needs of their contracts. The program meets the critical need to access management education as well as knowledge of corporate suppliers that are essential to scale a supplier's operations.(Continue on Schedule O)The core gap that many disadvantaged, low-income suppliers encounter is that management education, contract opportunities, and capital are essential for scaling a business but is not always easily accessible to low-income or otherwise disadvantaged entrepreneurs. The Ascend program bridges the gap by providing the education needed to further develop their capabilities, providing an introduction and opportunity to showcase their business to corporate partners involved in procurement, and contract financing options that would be necessary to scale the business.In 2024, the program supported 15 small businesses through management education, with an additional 40 that maintained access to MEDA services. Across all client types, 85% of respondents reported an increase in gross revenues over the last 3 years. Sixty-five percent (65%) reported an increase in market opportunities over the period. Fifty five percent (55%) reported hiring activity.

Volunteer Accelerator Network (VAN):MEDA also provides programming to small businesses through the Volunteer Accelerator Network (VAN). Through VAN, MEDA helps entrepreneurs of color enhance collaboration, networking, education, and mentorship opportunities, facilitating their development through various stages of business growth. Business mentors in the network come to us from MEDA's wide network of corporate partners, and are equipped to offer strategic guidance, facilitate the development of SMART goals, and provide essential feedback, while maintaining ethical standards and fostering genuine relationships with mentees.Mentees receive: 1) Biweekly mentorship with an established female business mentor from the community. VAN currently has 44 mentors in its network; 2) Monthly education sessions tailored to early-stage entrepreneurs; 3) A network of other women entrepreneurs who can serve as a support system throughout their entrepreneurial journey, and 4) monthly networking coffee hours as well as strategic celebrations that bring together mentors, mentees, and the broader VAN network.With VAN in its programming playbook, MEDA provides business consulting and programming support for small businesses across the spectrum.